Vertu Motor and CEO Forrester purchase company shares

Vertu Motors has purchased 336,324 ordinary shares as part of the buyback programme.

They were purchased at around 50p per share.

Vertu CEO Robert Forrester also purchased 39,297, taking his total share to 7,483,478 resulting in a 2.09% share in the company.

The Group recently reported record trading results with an adjusted profit before tax of £80.7m (FY21: £24.6m, FY20: £23.0m), on revenues of £3.6bn to 28 February 2022.

New car volumes were up 7.4% as used car volumes declined 13.2% on a like-for-like basis.

Robert Forrester, Chief Executive, said: “The Group performed at record profitability levels in the Year. Undoubtedly aided by well-publicised sector tailwinds, the Group executed well, gained share, strengthened its foundations, positioned itself for the transition to EV and displayed fundamental growth, all aided by its investment in the Click2Drive technology platform.

“The outlook will depend on the available supply of new vehicles and continuing consumer confidence. The Group’s excellent financial position provides the resilience to overcome any economic slowdown and resources to continue to grow.”